Exciting Times - New Ownership
Now the dust has settled on our landmark transaction, I thought I would write and update you with our thoughts and plans for our Franchise going forward following our recent management buyout.
Following the buyout Opportunity, the Ownership Structure is as follows:
The TaxAssist Group Ltd is owned 33.3% by Franchisees, 53% by the Management Team & 13.7% by a select number of outside investors who were keen to hold a stake in the Franchise - all were partners before the buyout so are well known to us. The TaxAssist Group Ltd also owns 100% of the International companies.
The Current Directors of the business are:
• Karl Sandall - Chairman & Group Chief Executive
• Sarah Robertson - Business Development Director
• Phil Sullivan - Network Operations & Finance Director
• John Chambers - Non Executive Director
To strengthen the Board we shall next year appoint:
• Head of Technical Support: A Qualified Tax Accountant, as an Executive Director
• Non-Executive Director - Representing Franchisee Views
Within the UK Network we now look after 50,000 small business clients, in just under 200 franchised areas. The UK Network reports a total fee bank of £33.9 million (figures as of 30th September 2014). Our growth in all key performance indicators continues at levels well above industry averages.
As well as investing £1.23 million into the ownership of the Franchise, our Franchisees also completed the yearly Franchisee Satisfaction Survey run by Smith & Henderson. I am delighted to report that this shows the level of our support improving year on year also indicating we are ahead of the majority of many franchisors.
Together with my co-directors Sarah Robertson and Phil Sullivan we have just returned from a month's travelling to meet with our Franchisees in 8 locations around the UK for our annual round of Regional Meetings.
Sarah, our Business Development Director, reported on the new Centralised Marketing Support for the Franchisees to save them considerable time and money in their marketing efforts to maintain contact with existing clients and gain new ones. Phil represented on our new technical team personnel and the enhancements being made to the Technical Support Site.
We found the network to be in very positive spirits as they plan for further growth in 2015. All are delighted with the Franchisee Assisted MBO, as they now feel more than ever that they are an integral part of the franchise. Investment opportunities are available for all new franchisees.
Franchisees also welcomed the continued international expansion and we are pleased to report that we are in advanced discussions with three more Masters (2 areas of Canada and Australia) all of which have already visited the UK.
I do hope you have found this update of interest and if you are already still in discussions with us, I look forward to meeting you again soon. If you are interested in having a discussion with us, we would love to hear from you to explain more about our Franchise Opportunity.
November 2014
